Ron and Rand Paul Introduce “Audit the Fed” Legislation in House and
Senate

January 26, 2011 06:50 PM Eastern Standard Time

SPRINGFIELD, Va.--(BUSINESS WIRE)--Congressman Ron Paul and his son, Senator Rand Paul, today introduced
companion legislation in both chambers of the United States Congress to
require a full and thorough audit of the Federal Reserve.

The bills, both titled The Federal Reserve Transparency Act of 2011, but
known better as “Audit the Fed,” are numbered H.R. 459 in the House and
S. 202 in the Senate and continue the efforts championed by Ron Paul
last year that won 320 co-sponsors before passing the House and 32
cosponsors in the Senate before falling short on a floor vote.

H.R. 459 starts the session with 56 original bipartisan cosponsors,
while Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) are original
cosponsors for S. 202.

The Federal Reserve Transparency Act of 2011 would open up the Fed’s
funding facilities, such as the Primary Dealer Credit Facility, Term
Securities Lending Facility, and Term Asset-Backed Securities Lending
Facility to Congressional oversight and audit by the non-partisan
Government Accountability Office. Additionally, audits would include
discount window operations, open market operations, and agreements with
foreign central banks such as ongoing dollar swap operations with
European central banks.

Public polling conducted by Rasmussen Reports in December 2010 indicated
that 74 percent of the American People demand transparency at the Fed
and support a full audit as called for in the Audit the Fed legislation.
In 2009 and 2010, Campaign for Liberty generated over 2.5 million
grassroots contacts to federal lawmakers in support of Audit the Fed.

“The Federal Reserve and its loose money, easy credit policies are the
culprit for so many of the dire economic problems we face. Americans
continue to demand transparency at the Federal Reserve, and Campaign for
Liberty is proud to lead the fight to make this legislation the Law of
the Land,” said Campaign for Liberty President John Tate. “All across
the country, grassroots citizens are uniting behind Ron and Rand Paul
and will demand this audit, this year.”